When GST comes, petrol 75 and diesel will be Rs 68 - SBI report


Posted on 6th Mar 2021 02:59 pm by rohit kumar

Due to the continuous increase in the prices of petrol and diesel, the government is under great pressure to cut their prices. To get relief from their increased prices, there is a demand to bring them under the purview of GST. Recently, the Prime Minister and then the Chief Economic Advisor Krishnamurthy Subramaniam also advised to bring it under the purview of GST. Before this, Petroleum Minister Dharmendra Pradhan has also suggested this. However, Finance Minister Nirmala Sitharaman has described it as religious. Now SBI economist Soumikanti Ghosh has said that after being brought under the ambit of GST, the price of petrol and diesel can come to Rs. 68.

 

Petrol and diesel fall in GST, 0.4% loss to GDP

 

Saumyakanti Ghosh has said in his assessment that petrol and diesel and the state governments will only incur a revenue loss of one lakh crore rupees which will be 0.4 percent of GDP. This assessment has been done based on the price of crude oil in the international market at $ 60 per barrel and a dollar-rupee exchange rate of 73 rupees per dollar. Both the central and state governments impose their tax on petrol and diesel. States apply VAT on petrol and diesel as per their requirement. The center imposes excise duty. With this, the center's cess is put on it. In some parts of the country, the price of petrol has reached 100 rupees a liter.

 

Saudi Arabia turned down India's request

 

Meanwhile, OPEC has ignored India's plea to lift applicable controls on crude oil production. At the same time, there has been an increase in the price of crude oil in the international market. Saudi Arabia has told India that it can use the crude oil it bought at the time when the price of crude oil went down significantly last year. Brent crude oil, which is the most used crude oil, rose nearly one percent to $ 67.44 a barrel on Friday.

 

Petroleum Minister Dharmendra Pradhan appealed to OPEC countries to reduce the restrictions imposed on production to bring stability in the price of crude oil. He believed that due to the rising crude oil prices in the international market, both the improvement in the economic sector and the demand are having a bad effect.

2 Like 0 Dislike
Previous news Next news
Other news

Corona: Tough steps have been taken, the entire lockdown will affect the livelihood- Mamata

West Bengal Chief Minister Mamata Banerjee said on Monday that strict stepsWest Bengal Chief Mini

External Affairs Minister Jaishankar's target on western countries: Said on India-Russia relation - Our relationship is from when western countries did not give arms to India

Indian External Affairs Minister S Jaishankar is on a tour of Australia. During this, he targeted

The rupee closes above 83 against the dollar for the first time, today fell by 61 paise

Dollar Vs Rupee: There is a continuous decline in the Indian Rupee. On Wednesday, the Indian rupe

Wasim Akram-Bumrah: What did Wasim Akram say? He called the comparison with Bumrah 'Abdullah Deewana at a stranger's wedding.

Wasim Akram, the great fast bowler of the 90s, gave a befitting reply to his comparison with Jasp

Akshay Kumar: 'One should accept the failure of his films', Rajatav Dutta praised Akshay's statement

Bollywood player Kumar i.e. Akshay Kumar is in discussion about his film 'Selfie'. Akshay's film

The new car will give protection to PM Modi: AK-47 bullets and blasts neutralized, the gas attack will also fail; Know the features of this new car

A New Mercedes car has been included in Prime Minister Narendra Modi's convoy. This new car has b

Weather Update: Record-breaking heat from mountain to field, rain can give relief in these states including Delhi today

Amidst the scorching heat in North India for the past several days, people can get some relief to

The hope of relief: Will CNG prices come down after petrol and diesel? The government may consider Siam's demand

The Central Government reduced the prices of petrol and diesel by making a big cut in the excise

Bill Gates met PM Modi: Said- I am more positive than before about India's growth in health and development sector

American businessman Bill Gates met Prime Minister Narendra Modi in India on Friday. He discussed

Home Minister Shah's security lapse in Mumbai: A man who roamed around the Home Minister for hours, posing as the PA of Andhra MP, arrested

A case of security lapse has come to the fore in Union Home Minister Amit Shah in Mumbai. During

Sign up to write
Sign up now if you have flare of writing..
Login   |   Register
Follow Us
Indyaspeak @ Facebook Indyaspeak @ Twitter Indyaspeak @ Pinterest RSS



Play Free Quiz and Win Cash